Are there rules or a format for this anywhere? I'm a bit confused by the concept still. It's not a fantasy/roto type thing?
The format, basically, is that you control a team, and you're drafting a 15-man roster. You construct it like you would if you were an actual NBA GM. You can put together a team of vets, a "team of the future", etc.
Last year, how it worked is that everyone was given a time by which their next draft pick needed to be in, and at that time, the person would post in the forums who their player was. We did one round a day, for 15 days (not counting holidays or weekends). I know wdleehi has some plans to deviate from last years setup, though, in terms of keeping things moving more quickly.
Also, not to step on wdleehi's toes on this, but please keep in mind that if you're signing up for a team, you're expected to be *active*. One of the things that hurt the draft last year was people who logged into the site once per day to make their draft pick, or missed making their picks altogether. That's not something anybody is interested in repeating this year.
(That last part wasn't aimed at anybody in particular, but rather as a general reminder.)